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Forcas Studio share price & results

Forcas Studio Ltd· Textiles· Consumer Discretionary

Results to
Sept 2026
Latest analysed call
Q4 FY26
Ownership as of
Sept 2026

Kolkata-based asset-light menswear fashion house selling the mass-market FTX brand and premium Gen-Z brand TRIBE via e-commerce, quick commerce, distributors and large-format retail, plus white-label manufacturing for other retail chains.

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Reported

The figures, each with its period

Each figure keeps its basis and period; nothing is filled in.

MetricValueChangeBasisPeriodNote
Revenue130 ₹ crore+54.8% YoYQuarterly, as filedQuarter to Sept 2026Revenue from operations as filed.
Operating margin12.0 %+1.0 pts YoYOperating profit / revenueQuarter to Sept 2026For the quarter; a change is in percentage points.
Net profit10.0 ₹ crore+66.7% YoYQuarterly, as filedQuarter to Sept 2026Profit after tax as filed.
Return on equityUnavailable−2.5 ptsFY Mar 2026 vs FY Mar 2025Trailing twelve monthsTTM · period unavailableNot in the analysed materials. No older figure is substituted.
Free cash flow margin-21.75 %−14.6 ptsFY Mar 2026 vs FY Mar 2025Fiscal yearFY ending Mar 2026(Operating cash flow − fixed-asset purchases + disposals) ÷ revenue.
Revenue growth (YoY)Unavailable−243.8 ptsFY Mar 2026 vs FY Mar 2025Trailing twelve monthsTTM · period unavailableNot in the analysed materials. No older figure is substituted.

Source: Inve data from filed results; ratios from the Screener-verified panel · to Sept 2026

Guidance

What management said, and what became of it

3 of 5 judged targets kept · 4 open · verdicts reflect calls analysed to Q4 FY26.

Forcas Studio Ltd management guidance track record on Inve: 9 targets tracked across analysed earnings calls (3 achieved, 2 missed, 4 open).

TargetOriginal wordingSaidLatest callVerdict
EBITDA Margin10% EBITDA, we want to improve on that.
Call transcript, Q4 FY25 · 12 Jun 2025		Q4 FY25Q4 FY26:Full year PAT growth of 58% on 39% revenue growth confirms margin expansion for FY26, fulfilling the promise.
Call transcript, Q4 FY26 · 25 May 2026		Achieved
Gross MarginNothing less than 30% of gross margin. 30% is going to be the bottom thing.
Call transcript, Q4 FY25 · 12 Jun 2025		Q4 FY25Q4 FY26:FY26 blended Gross Margin reported at 25%, below the 30% floor.
Call transcript, Q4 FY26 · 25 May 2026		Missed
Annual Revenue Growth30% to 40% growth every year for the next two years
Call transcript, Q4 FY25 · 12 Jun 2025		Q4 FY25Q4 FY26:Achieved for FY26 with 39% growth. However, guidance for FY27 (the second year of the promise) was revised down to 25-30%.
Call transcript, Q4 FY26 · 25 May 2026		Revised Down

Source: Inve Guidance Tracker for Forcas Studio Ltd · to Q4 FY26

A verdict describes what became of management’s own words in later analysed calls. “Delayed” is a change of date, “went quiet” a target the calls stopped mentioning. None of it is a judgement on the investment. The methodology sets out how verdicts are recorded.

2 of Forcas Studio Ltd's 9 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 6 more targets are in the full ledger.

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Price

₹198 −0.80% · −₹1.6

Last close 27 Oct 2026 · NSE · INR · Source: Inve

Performance +78.3% 1Y

₹100₹150₹200₹250Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Oct 26Q2 FY26 — 14 Nov 2025Q4 FY26 — 25 May 2026

1Y: ₹111.05 on 24 Oct 2025 → ₹198. High ₹245.95 (5 Oct 2026), low ₹92.45 (23 Jun 2026).

Previous close
₹199.6
Market cap
₹350 Cr
52-week range
₹92.45 – ₹245.95
One year
+63.57%
Price to earnings (FY ending Mar 2026)
25.00×
Return on equity (FY ending Mar 2026)
18.92%

Overview

Symbol
NSE:FORCAS
Sector
Textiles
Industry
Consumer Discretionary
Exchange
NSE
Currency
INR

What Forcas Studio Ltd does

Based on the company's own presentations, annual report and earnings calls.

Forcas Studio designs and outsources manufacturing of men's (and now women's and kids') garments — boxers, shorts, trackpants, cargos, denims, trousers, cord sets, tracksuits, vests, t-shirts, sportswear, shirts, jackets and sweatshirts — sold mainly under its own brands FTX and TRIBE. It sources fabric from local markets in Kolkata, Surat and Mumbai and outsources cutting/stitching to dedicated third-party factories under its own quality-control SOPs, without owning manufacturing plants or retail stores. Revenue comes from online marketplaces, quick commerce, a distributor/semi-wholesaler and retailer network, large-format retail stores, and white-label manufacturing for brands such as Landmark Group, V-Mart Retail and V2 Retail.

Segments

  • Own Brand – FTX
  • Own Brand – TRIBE
  • White-label manufacturing
Warehouse (Kolkata) capacity
60,000 sq. ft.; 20 lakh+ garment pieces, 10,00,000+ metres of fabric/raw material
Retailers
18,000+
Distributors / semi-wholesalers
700+
Online pin codes served
21,000+
Quick-commerce dark stores (Zepto)
138
Large-format store presence
500+
Founded 2010Headquarters Maheshtala, Kolkata, West Bengal, India Company website

How the price took the results

close before → close after

Q4 FY26
+3.7%
25 May
Q2 FY26
−0.0%
15 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

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